172: Developing A Team To Support Your Business Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
172: Developing A Team To Support Your Business Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
When you own your own business, you are always learning something new. Making sure that you have a team to support you where you lack skills or lack the time to devote to certain tasks will not only help you sleep at night, but you will also have the confidence knowing that your business is operating at an efficient level. In today’s podcast episode, I am diving into which areas in your business you need to make sure you are covering and the financial support team members you should have in place if you need additional help. When it comes to finances, many business owners want to ignore these issues and hope they go away or want to do everything all on their own, but the most successful entrepreneurs know exactly where they need expert advice as well as who they can turn to for advice they can trust. As your business grows, your team needs may change as well, but it is important to make sure that you have everything under control at each level you are at in your business. Understanding and having a reliable team you can lean on is key whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; A financial support team is needed whether you are using a computerized software system like QuickBooks, Xero, Wave or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document. Listen in, and make sure you have support for each of these responsibilities either by yourself or a team member you can count on to be there when you need them…
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When you own your own business, you are always learning something new. Making sure that you have a team to support you where you are lacking skills or lacking the time to devote to certain tasks will not only help you sleep at night, but you will have the confidence knowing that your business is operating at an efficient level. In today’s podcast episode, I am diving into which areas in your business you need to make sure you are covering and the financial support team members you should have in place if you need additional help. When it comes to finances, many business owners want to ignore these issues and hope they go away or want to do everything all on their own, but the most successful entrepreneurs know exactly where they need expert advice as well as who they can turn to for advice they can trust. As your business grows, your team needs may change as well, but it is important to make sure that you have everything under control at each level you are at in your business. Understanding and having a reliable team you can lean on is key whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; A financial support team is needed whether you are using a computerized software system like QuickBooks, Xero, Wave or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document. Listen in, and make sure you have support for each of these responsibilities either by yourself or a team member you can count on to be there when you need them…
Welcome Back… Entrepreneurship can be lonely, and many business owners feel the need to handle every task that has to be done in their business on their own, whether they fully understand the consequences and impact on their business or not. It’s part of their nature of being an entrepreneur – they want to do it all. However, knowing where your strengths and weaknesses are and knowing where you need additional expert advice is what will separate you from an entrepreneur and a successful entrepreneur. When you own your own business, it is important to make sure you have a team that you can lean on whenever you are looking for that expert and trusted advice.
Having your team of experts on hand before you run into any potential issues will help alleviate some of the stress from owning your own business. Knowing that when or if something happens in the future, you know you have the people you can count on already on your team is priceless.
First, it would be beneficial to assess your strengths and weaknesses. Every entrepreneur will have different backgrounds and skill sets, so you need to consider where you feel you need the most help. You’ll also want to think through the needs of your business for where you’d like your business to go in the near future as well. I’m going to cover a few of the major team members you should have on your financial support team, and you can decide if you feel the need to seek out someone to add for additional help on your team.
Of course, when we are talking about your financial team, I’m going to start off with how you are going to keep track of your money coming in and going out of your business, as well as your bookkeeping. Is this something you think you can do on your own, or do you think you will need to have a bookkeeper and or accountant helping to make sure you have all of your transactions recorded accurately and timely? You want to make sure that your bookkeeping is up to date and that you have financial statements to review on at least a monthly basis so that you can make sound business decisions. If you have employees, you also want to make sure that either you or one of your team members are able to process your payroll and file all of the necessary payroll reports on a quarterly and yearly basis. And, of course, you need to make sure that you have someone who can help you to ensure your income tax returns are filed on time and that you are able to maximize your deductions so that you are taking advantage of everything you can to minimize your tax liability. You may find that you are able to have one person on your team who can do all of this for you, but most likely, you will need to have a few different team members who can help you with all of these needs. One advantage of having multiple team members when it comes to your finances is that you are able to reach out to each of them at different times for various financial advice.
When you started your business, you should have opened a business bank account for all your business transactions. This could have already opened up a door to your next team member of a banker. Having a bank or credit union who you work with or a specific bank member that you can build a relationship with is important. Many business owners found this as a valuable asset over the last couple of years with the PPP loans that were available. Getting a PPP loan was much simpler and more successful when they contacted bankers who they already had a relationship with. As your business grows, you may find a need for a loan or other banking products to help with your cash flow.
You may not be thinking about an attorney when you think about your financial team, but having an attorney who you can contact about legal advice will be beneficial and could potentially save you thousands of dollars down the road. When you are starting your business and have minimal funds, many times, a small business owner will try to do their own legal documents. This could cause a lot of problems if they are not done correctly. When you are working with an attorney, they are able to help you with issues as they come up, and most issues are not an ongoing expense, which means you only pay for the services when you need them. Having an attorney will not only help you protect your business by managing legal issues or disputes, but they will also be available for you whenever you are thinking about adding a partner or even if you are contemplating selling your business.
Making investments as your business accumulates wealth will require you to have a financial advisor. Your financial advisor can help you with your overall finances and assist with the growth of your investments over time. They can help you to use the money in your business strategically to increase your income and reach your financial investment goals. If you have employees, this financial advisor can help you to add additional benefits that you can offer to your employees to make working for your business more attractive, such as a Simple plan or a 401K.
Your financial team wouldn’t be complete without an insurance advisor. You want to be certain that the assets you have in your business are protected, and you can accomplish this by insuring them. You want to make sure you have an insurance advisor who will work with you to assess your coverage needs, confirm you have the appropriate coverage, and help you obtain the best pricing. Having an insurance advisor who can not only help you file a claim if something should happen within your business is vital, but they should also be able to help monitor the claims process all the way to the end.
It may be hard to give up control on a few of these areas, but if you don’t have the appropriate knowledge, you know that your business will be in better hands with experts who have your best interest at heart. Having each of these team members in place who could ultimately work together on projects if needed will certainly help you sleep better at night.
Lastly, you should have a mentor or a group of individuals who have the same vision as you to help you work through the challenges you may be facing within your business. Having a mentor can shorten the learning curve and help you reach your personal and business goals faster. Often times, you only see what you want to see in your business, and a mentor can provide a fresh perspective by looking outside of the box you may be trapped inside.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? You can be stress-free in both your professional and personal life. Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week, we meet privately one-on-one, and you get to bring whatever is on your mind on any given week. I also have a daily coaching program where you can talk to me whenever it works best for you, 24/7, any day of the week. In either program, you get to work on your highest priority, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every session, you feel energized, and you know exactly what to do for the day or week to come, and relief knowing we will meet again to go over anything that comes up after your session. You’ll gain self-awareness while you take each step toward your goals. The investment in either of these programs is an easy yes for you. I’ve set these programs up in the most supportive way. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the programs. Sign up now. There are limited spots available for these programs due to the one-on-one aspect, and they do sell out. If the payment link is gone, you can get on my waitlist to join the programs when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. I know there is something you want in your life, and I can help you get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create these exact programs. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up for the Balance Life Coaching program today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.